Personal loans are one of the most popular and convenient ways to finance your needs.
But getting a personal loan is not always easy. You have to deal with lengthy paperwork, high-interest rates, strict eligibility criteria, and long approval times. Not to mention the hassle of visiting multiple lenders and comparing their offers.
That’s why you need a better way to get a personal loan in India. A way that is fast, simple, flexible, and affordable. A way that is powered by technology and innovation.
That’s where the Navi app comes in.
It is an app-based platform that offers instant personal loans at low-interest rates, with minimal documentation and flexible repayment options.
In this article, we will explore Navi Personal Loan Review, it’s benefits & features. We will tell you how it works, how to apply for a loan, what are the benefits and drawbacks, and how it compares with other lenders.
By the end of this article, you will have a clear idea of whether the Navi app is the right choice for you or not.
So let’s get started.
The Navi app is a product of Navi Technologies, a fintech company founded by Sachin Bansal and Ankit Agarwal.
Sachin Bansal is the co-founder of Flipkart, India’s largest e-commerce platform. Ankit Agarwal is the former head of corporate development at Flipkart.
The Navi app aims to make lending more accessible and affordable for millions of Indians. It uses artificial intelligence, biometric verification, and paperless process to offer instant personal loans to eligible customers.
The Navi app offers various types of loans, such as personal loan, home loan, health insurance, etc. You can choose the loan amount, tenure, and interest rate according to your needs and preferences.
The Navi app has many benefits over traditional lenders. Some of them are:
- Instant transfer of money: You can get the loan amount in your bank account within minutes of approval.
- No collateral required: You don’t need to pledge any asset or security to get a loan from Navi.
- No foreclosure charges: You can prepay or close your loan anytime without any penalty or extra fee.
- Customer-friendly service and support: You can contact the Navi customer care team anytime through phone, email, or chat for any queries or issues.
Applying for a Navi personal loan is very easy and quick. You just need to follow these steps:
- CLICK HERE to visit personalised page of Navi Personal Loan.
- You will be redirected to Google Play Store to Download the Navi app.
- Register with your mobile number and verify it with an OTP.
- Fill in your personal details, such as name, date of birth, gender, address, etc.
- Upload your PAN card and Aadhaar card for KYC verification.
- Link your bank account where you want to receive the loan amount.
- Choose the loan amount and tenure that suits you best.
- Review and accept the loan agreement and terms and conditions.
- Submit your application and wait for approval.
The approval process takes only a few minutes. If your application is approved, you will get the loan amount in your bank account instantly.
A Navi personal loan has many features and benefits that make it an attractive option for borrowers. Here are some of them:
- The minimum loan amount is Rs. 10,000 and the maximum loan amount is Rs. 20 lakhs.
- The tenure range is from 3 months to 72 months.
- The interest rate starts from 9.9% p.a., which is lower than most other lenders.
- The processing fee ranges from 3.99% to 6% of the loan amount, which is also competitive.
- You can opt for co-signer, joint borrower, or secured loan options if you have low income or credit score.
- You can use the debt consolidation feature to pay off your existing loans with a single payment from Navi.
- You can also avail other benefits such as rate discount for timely payments, referral bonus for inviting friends, etc.
To compare the Navi personal loan with other lenders or apps, you can use this table:
| Lender/App | Interest Rate | Processing Fee | Loan Amount | Tenure |
|---|---|---|---|---|
| Navi App | 9.9% – 45% | Nil | Rs. 10,000 – Rs. 20 lakhs | 3 – 72 months |
| HDFC Bank | 10.50% onwards | Up to Rs. 4,999 | Rs. 50,000 – Rs. 40 lakhs | 12 – 60 months |
| ICICI Bank | 10.50% onwards | Up to 2.5% | Rs. 50,000 – Rs. 25 lakhs | 12 – 60 months |
| Bajaj Finserv | 11% onwards | Up to 3.93% | Rs. 1 lakh – Rs. 25 lakhs | 12 – 60 months |
As you can see, the Navi app offers competitive interest rates and processing fees compared to other lenders or apps. However, the interest rate may vary depending on your credit profile, loan amount, and tenure.
Like any other loan product, a Navi personal loan has its own pros and cons. Here are some of them:
Pros
- Wide range of loan amounts and repayment terms: You can choose the loan amount and tenure that suits your needs and budget.
- Fast funding and easy application process: You can get the loan amount in your bank account within minutes of approval and apply for a loan using your smartphone.
- Rate discount for some customers: You can get a lower interest rate if you have a good credit score, income, or repayment history.
- No hidden charges or penalties: You don’t have to pay any extra fee or penalty for prepaying or closing your loan.
- Customer-friendly service and support: You can contact the Navi customer care team anytime through phone, email, or chat for any queries or issues.
Cons
- High interest rate for some customers: You may have to pay a higher interest rate if you have a low credit score, income, or repayment history.
- No option to pre-qualify with a soft credit check: You have to submit your application and undergo a hard credit check to know your eligibility and interest rate.
- No option to choose or change your payment date: You have to pay your EMI on the date assigned by Navi and cannot change it according to your convenience.
ALSO READ: Explore Navi Personal Loan Interest Rate, Eligibility and Apply Online: Get Instant Personal Loan Up to 20 Lakh
Conclusion
The Navi app is a new and innovative way to get personal loans in India. It offers instant personal loans at low-interest rates, with minimal documentation and flexible repayment options.
If you are looking for a quick and easy personal loan in India, you should consider the Navi app as one of your options. It has many features and benefits that make it an attractive choice for borrowers.
However, you should also be aware of the drawbacks and limitations of the Navi app and compare it with other lenders or apps before making the final decision.
To know more about the Navi app and its personal loan product, you can download the app from Google Play Store or Apple App Store or visit their website.
We hope this article has helped you understand the Navi app and its personal loan features better. If you have any questions or feedback, please feel free to comment below.
Thank you for reading! 😊
Download the Navi app today and get instant personal loans at low-interest rates, with minimal documentation and flexible repayment options.
FAQs
You can check your Navi personal loan status by logging into the app and going to the ‘My Loans’ section. You can see the details of your loan, such as the loan amount, tenure, EMI, interest rate, due date, etc. You can also see the status of your loan, such as approved, disbursed, active, closed, etc.
You can repay your Navi personal loan through the app using any of these modes:
Auto-debit: You can link your bank account with the app and enable the auto-debit feature. This will automatically deduct the EMI amount from your account on the due date.
UPI: You can use any UPI app, such as Google Pay, PhonePe, Paytm, etc., to pay your EMI using the UPI ID provided by Navi.
Debit card: You can use your debit card to pay your EMI through the app. You just need to enter your card details and complete the transaction.
You can increase or decrease your Navi personal loan amount or tenure by contacting the Navi customer care team. They will check your eligibility and offer you the best possible option based on your profile and preferences. However, this may affect your interest rate and processing fee.
You can cancel or close your Navi personal loan by following these steps:
If you want to cancel your loan before disbursal, you can contact the Navi customer care team and request for cancellation. They will verify your details and cancel your loan application.
If you want to close your loan after disbursal, you can prepay or foreclose your loan anytime without any penalty or extra fee. You just need to pay the outstanding principal amount and any applicable interest charges. You can do this through the app using any of the payment modes mentioned above.
You can get a top-up or additional loan from Navi if you have an existing active loan with them. You just need to contact the Navi customer care team and request for a top-up or additional loan. They will check your eligibility and offer you the best possible option based on your profile and preferences. However, this may affect your interest rate and processing fee.
You can get a NOC (No Objection Certificate) or statement of account from Navi by contacting the Navi customer care team. They will verify your details and send you the NOC or statement of account through email or post. You can also download them from the app by going to the ‘My Documents’ section.
You can update your personal details or bank account details with Navi by contacting the Navi customer care team. They will verify your details and update them in their records. You may have to provide some documents for verification purposes.
You can contact the Navi customer care team through any of these channels:
Phone: +91 80 4718 1888
Email: support@navi.com
Chat: In-app chat feature
The customer care team is available from Monday to Saturday from 9 am to 6 pm.
